Off-market Townhome in Cary, NC

[Scott Ashworth]

Investment Info:

Townhouse fix & flip investment.

Purchase price: $225,000

4/2.5 Townhome adjacent to Downtown Cary.
Seller staying in home rent-free through end of June. I will fix it in July and put on the market in early August.

What made you interested in investing in this type of deal?

I flip 1-2 properties per year to help me finance the purchase of my buy & holds. After picking up a few rentals, it is time to purchase a flip.
Also, if I find a property within a certain geographic area, I want to buy & hold. I also look for properties just outside that geographic area to flip.

How did you find this deal and how did you negotiate it?

It was an off-market deal with an Agent I purchased another property from last year.

How did you finance this deal?

It is an all cash deal.

How did you add value to the deal?

We negotiated:
FREE rent to Seller for 6 weeks
Paying for Seller's closing costs up to $1,000
Discarding any personal property the Seller does not want
**In exchange for the Seller receiving permission from HOA for us to have construction dumpster at the property

Lessons learned? Challenges?

We are in the process of purchasing all the materials needed for this flip (construction to begin July 1) -- we will put in a box truck and will have available to the contractor so we are not keeping him from hitting his timelines.